Category Archive : Real Estate

LAS VEGAS, NV – The Formula One Las Vegas Grand Prix held its opening ceremonies on Wednesday, and short term rental owners in Southern Nevada where STR licenses are currently available – including Henderson, Las Vegas and North Las Vegas – are already reaping large financial benefits.  

Unfortunately, however, some frustrated Clark County landlords have been left out in the cold due to the long and drawn-out process of issuing licenses on the part of the municipality, leaving them unable to offer listings to take advantage of the many out-of-town tourists attending the F1 event, with the race taking place November 16-18. 

The state figured out that the ban wasn’t working and decided to mandate the county to get rid of its ban and start creating a licensing process for people to operate (short-term rentals),” said Jackie Flores, founder of The Greater Las Vegas Short Term Rentals Association. “Of course they have not issued any licenses even though they were supposed to start doing it by July of last year.”  

However, the loss on the part of Clark County renters is the gain of others located in neighboring cities, with many STR owners asking – and receiving – significantly higher rates than usual to house visitors attending the F1. 

An average Airbnb or Vrbo rental costs approximately $150 a night; currently, there are over 1,000 listings available in Las Vegas, with prices ranging from exuberant to budget-friendly and everything in between. 

The priciest rental for the F1 weekend is a 11-bedroom home located in Paradise just east of the Harry Reid International Airport that’s going for a whopping $4,121 a night. The residence is spread up into three separate buildings for a total size of 8,700 square feet, and includes numerous high-end amenities including an outdoor playground, basketball court, a pool, video game room, and much more. 

In contrast, the cheapest rental listed is a private study room for $39 a night in West Las Vegas, giving you the opportunity to “stay with Victor” as his guest during the F1 weekend. That fee will get you a twin bed, a desk, futon, wi-fi, and a door that locks via keypad; a municipal bathroom is located directly across the hall. 

And finally, if you’re looking for a listing based solely on its “cool” factor, another rental located in Paradise offers eight bedrooms and a slew of fun extras, including a putting green, pool, hot tub, outdoor poker table, half-basketball court, pool table, bocci ball, table tennis, an outdoor BBQ grill, and more, all for $1,850 a night. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The all-time highest priced home sold in Las Vegas is suddenly finding itself back on the market a mere two years after it was originally purchased, however with a substantial uptick in its asking price. 

The three-story, 15,000 square-foot home in Henderson’s MacDonald Highlands community earned its place in the record books after it was sold in 2021 for a whopping $25 million, after initially being listed on the market at $28 million.  

The brand-new home, located at 685 Dragon Peak Park and built by luxury developer Blue Heron, was purchased by billionaire and LoanDepot Founder and Chairman Anthony Hsieh. 

However, the home has recently found itself back on the open market once again, this time for the even more eye-opening sum of $34 million; when asked why its owner was willing to part with the property so soon after purchasing it, the listing agent stated that Hsieh is moving out because he is working on yet another home with Blue Heron that he intends to move into once its development is finished. 

685 DRAGON PEAK DRIVE, HENDERSON – $34,000,000.00

An ultra-sleek, high-tech showcase with a plethora of eye-opening amenities, Hsieh’s soon-to-be-former residence features a great room with retractable walls, an office casita, water on three sides, views of both the Las Vegas Strip and the Red Rock Mountains, 200 solar panels, and a “smart home” system that allows users full control over the security system, sound system, and energy management. 

The home also boasts seven bedrooms – including a primary suite with a private patio and a separate suite accessed by a glass bridge – as well as nine bathrooms and a garage with room for up to 11 cars. 

The home’s chef’s kitchen is also impressive, with Wolf and Sub-Zero touchscreen appliances, a full catering kitchen, and a glass wine cellar. 

While Hsieh’s $34 million asking price may seem steep, it should be noted that new-build luxury sales in Las Vegas have been proven to be largely immune to the real estate slowdown plaguing most of the nation, already breaking its record for the number of sales over $1 million in the first half of 2023. 

See full listing details for 685 Dragon Peak Park, Henderson

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to a new report, the prices of homes in the Las Vegas valley experienced a small increase during the month of October – which is usually the opposite of established norms during the fall season – while both sales and the number of listings currently on the market slowed slightly. 

As per industry group Las Vegas Realtors, in October the median price of an existing single-family home that was sold in Southern Nevada was $449,000, representing a 2.6 percent increase from September and an 18.3 percent increase year-over-year.  

One of the main factors that experts cite for the rise in home prices during what is normally considered an off season can be attributed to the lower number of listings currently available in the Valley, which is pushing the average list price for a home up. 

The number of available home listings last month was down 38 percent when compared to October 2022 and down 0.9 percent from September 2023, as per the Multiple Listings Service.  In addition, the number of homes sold in October also decreased from September by 6.7 percent and 1.5 percent year-over-year.  

All told, $922 million in homes traded hands in the Las Vegas Valley last month. 

Due to these and other issues currently impacting the industry – including record high inflation and increased interest rates instituted by the Federal Reserve to get that financial malady under control – Las Vegas Realtors President Lee Barrett noted that the real estate scene in Southern Nevada is going to be experiencing a few tough months. 

The historically tight housing supply we’ve been dealing with this year, along with the cyclical patterns we see almost every year around this time, seem to be propping up prices,” Barrett said. “We usually see home prices and sales cool down a bit along with the weather as we head into the fall and winter. We’ll see how these traditional trends play out this year. Higher interest rates and a smaller housing supply are playing a bigger role than in past years.” 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Las Vegas has seen an explosion in the expansion of both its residential and commercial sectors in recent years – including Summerlin, Henderson, and the Las Vegas Strip, to name a few – but Enterprise, an up-and-coming township located in the southwest Las Vegas Valley, has been turning heads lately as one of the fastest growing areas in the United States.

Clark County statistics indicate that Enterprise is currently experiencing a degree of rapid growth that puts it ahead of any unincorporated area in the Valley; in fact, if it were to incorporate itself today, it would rank only behind Las Vegas, Henderson and North Las Vegas in terms of the largest cities in the county.

While Enterprise has been in existence for some time, Clark County Commissioner Justin Jones noted that the main factor contributing to its current skyrocketing growth was the recent construction of a major roadway and the development of several high-end neighborhoods.

Enterprise really started to explode with the construction of the 215 Beltway and development of the Rhodes Ranch, Mountain’s Edge and Southern Highlands master-planned communities, which began more than 20 years ago,” Jones said. “With the beltway providing a connection to the Summerlin and Henderson communities and easy access to the airport and the Strip, Enterprise was highly attractive to working families and businesses.”

Enterprise is located on a plot of land approximately 66 square miles – or 42,600 acres – south of the 215 Beltway, beginning in the vicinity of Fort Apache Road and Warm Springs Road and ending at the intersection of Interstate 15 and St. Rose Parkway.

In addition of the 215 Beltway and the aforementioned master-planned communities, other significant developments in the township consist of a planned high-speed rail Brightline Station that would serve as a direct link to Los Angeles; a potential NBA arena and casino resort; and several high-profile resorts and residential projects that are currently either in the planning or active construction phases.

According to 2022 Clark County statistics, Enterprise boasts a population of 233,896 residents, 185,506 single-family homes, and over 29,000 apartment units, with many industry experts calling the township a legitimate real estate hotspot that will continue to grow and thrive for years to come.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The sale of Decatur 215, a 126,678-square-foot shopping center in Las Vegas, was announced by owner Brixton Capital on October 30, who sold the property in a 1031 exchange to a private investor for $36.3 million, with the deal reportedly brokered by Lucescu Realty on behalf of the buyer. 

Brixton Capital had previously purchased Decatur 215 from Kimco Realty five years ago for $28.6 million; after acquiring the property, Brixton overhauled and renovated the parking lot, repaving it and restriping the parking spots. 

Construction on Decatur 215 was originally finished in 2013, at which time the retail shopping center opened its doors for tenants. It is situated on a 16.2-acre plot of land and is comprised of eight buildings, all of which were fully leased at the time of its sale.

Decatur 215 – located in The Springs neighborhood at the southeast corner of North Decatur Boulevard and West Tropical Parkway – features a wide variety of retail tenants, including such well-known brands as Target, Petco, ULTA Beauty, Hobby Lobby, Blaze Pizza, and many others. The shopping center’s proximity to Route 95 also provides easy and fast access to and from downtown Las Vegas.  

The sale of Decatur 215 isn’t Brixton Capital’s only high-profile real estate deal in 2023; earlier this year, the New York-based real estate investment firm also purchased a 143,217-square-foot retail center located in Stockton, California in an off-market transaction that was arranged by Hanley Investment Group. 

Despite numerous issues brought about by the nation’s ongoing struggles with inflation and the continued fallout from the COVID-19 pandemic, the retail sector in Las Vegas has not only shown signs of resiliency, but of continued growth as well. As per a new report by Marcus and Millichap, the city experienced a 3 percent population growth between 2021 and the first quarter of 2023, resulting in the creation of approximately 50,000 new households. Job growth in retail has also been steady, with the number of employees in the metro area increasing by 3,500 during the first five months of this year. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – A massive compound located in Las Vegas’ affluent Spanish Trail community that was previously owned by the Prince of Brunei – and at one time occupied by late pop singer Michael Jackson – has been listed on the market for a whopping $25 million. 

The compound, coming in at over 110,000-square-feet and located on a 16-acre plot of land, is located at 99 Spanish Gate Drive and at one time was linked to Jefri Bolkiah, the prince of the tiny Asian country of Brunei. Reports also indicate that in 2007 Michael Jackson had moved into Bolkiah’s compound and stayed there for some time. 

Construction of the property – referred to as “an unfinished masterpiece” by its principal broker, Ivan Sher – began in 1996, and is approximately 90 percent complete; there has been no additional development of the compound since 1999, Sher said. 

The home is completely enclosed and finished, but what’s not included is appliances and some detailed finish work isn’t complete, but for the most part it’s a mostly completed home,” he said. “When they built it, they had different expectations about moving to Las Vegas and ultimately ended up not moving.” 

99 SPANISH GATE DRIVE, LAS VEGAS – $25,000,000.00

Sher has not named the current owners of the property, noting that he has not dealt with them directly and instead has been conducting business through their lawyers and financial advisors; the reason the property has been put on the market is unknown, he said. 

The 110,320-square-foot compound has 10 interconnecting buildings, with the main house coming in at 37,466-square-feet with five bedrooms and eight baths. There’s also a 47,367-square-foot athletic club/pool house with an indoor badminton and squash courts, a hotel-sized spa and gym, indoor pool, bowling alley and nightclub.  

See full listing details for 99 Spanish Gate Dr, Las Vegas

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – After skyrocketing for a significant amount of time and raising affordability concerns in the city, a new Zillow report indicates that rental rates in Las Vegas have decreased for the second month in a row, showing that the marketplace is beginning to achieve a level of stability.  

The average rental price in September for a two-bedroom apartment in Las Vegas was $1,808 – a figure that Zillow determined by calculating the weighted nationwide average – which represents a 0.2 percent drop from August, and a 1.4 percent drop from September 2022. 

Currently, rental rates in Las Vegas are at their lowest point since October 2022; however, this situation does not echo developments in the rental market nationwide. According to the consumer price index (CPI) – utilized by the federal government to gauge inflation – rents across the country are still on the rise, and experts have stated that high rental rates have been one of the last key metrics that have kept inflation at its current exuberant level. 

Overall rental rates in the country were up 0.2 percent in September, although senior economist Orphe Divounguy stated that such increase is not entirely accurate to the CPI, nor indicative of actual market conditions, due to many new tenants signing 12-month or longer rental agreements.  

With that being the case, current conditions may take approximately a year to start reflecting in the CPI, Divounguy said, and the real numbers indicate that stability is slowly returning to the rental market across the country, as well as in Las Vegas. 

Although the consumer price index showed an uptick in rent prices in September, annual rent inflation continues to moderate and is likely to continue to move in the right direction,” he said. “This is because rent inflation tends to be most responsive to labor market tightness. Wage growth is moderating.” 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – With the married duo set to move to London in the coming months, celebrity couple Kyle Dean Massey and Taylor Frey have listed their Las Vegas mansion – located in the affluent Spanish Hills master-planned community, which has also been the home to stars such as Nicolas Cage and Mötley Crüe’s Vince Neil – on the open market for $4 million. 

Massey is best known for his leading roles in the Broadway musicals Wicked, Next to Normal, and Pippin, as well as for a recurring role on the ABC/CMT musical drama series Nashville. Frey, meanwhile, is best known for playing Don Hagerty in the horror movie It Chapter Two, and will be starring in the upcoming film The Holiday Exchange with Kyle Richards and Rick Cosnett from a script that he also penned. 

Massey and Frey had purchased the large ranch-style home in 2021 for $1.5 million; it was originally built in 2002 but was extensively customized and renovated after the two acquired it. Located on a one-third of an acre plot of land, the 6,000-square-foot residence – located in an exclusive guard-gated community – boasts five bedrooms and three baths and features luxurious trappings such as marble floors, high ceilings, and high-end wallpaper treatments by designers such as Versace, Roberto Cavalli and Phillip Jeffries. 

5091 MOUNTAIN TOP CIRCLE, LAS VEGAS – $3,950,000.00

The home also comes complete with a gourmet kitchen replete with quartz countertops, dual islands, stainless steel appliances and custom cabinetry. A luxe master retreat set in its own dedicated wing offers a fireplace, large walk-in closets, and a spa-styled bath which includes a steam shower and soaking tub built into a bed of lava rock. 

The backyard, which is accessed through French doors, gives off a resort-style atmosphere and has many luxury amenities, including fruit trees, a pool with cascading waterfall and spa, and numerous areas for lounging and entertaining guests. 

Rounding out the home’s impressive features is an attached four-car garage that includes an electric vehicle charger. 

See full listing details for 5091 Mountain Top Circle, Las Vegas

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The former chairman and CEO of MGM Resorts International, Jim Murren, has sold his Las Vegas mansion – dubbed “Skyspace” – for over $15 million, making it the second highest price that a home has fetched in the Valley this past September, following the sale of actor Mark Walberg’s Summit Club bungalow for $16.65 million. 

Murren had previously listed the residence for sale in July 2020 – at the beginning of the COVID-19 pandemic – for $10.5 million, although he later removed it from the market. He eventually relisted it for $17.75 million, with the home selling last month for $15.95 million. 

Skyspace is a 13,000 square-foot home situated on 1.5 acres on Painted Feather Way within the Summerlin community and golf club, offering views of the Las Vegas Strip via a series of wall-to-wall windows. It has five bedrooms, eight baths, and a separate one-bedroom guest house.  

The mansion was created with a reverence for art and philosophy; there are several corner spaces that allow for solitary reflection, indoor bamboo and pine trees, and a Zen garden outside the main bedroom laden with multiple pathways that could take upwards of 45 minutes to traverse. The house also contains numerous amenities, including an indoor basketball court, gym, movie theater, wine cellar, pool, spa, and a huge open-concept kitchen. 

“Skyspace” derives its name from a large art installation that essentially turns the home into a “sensory experience” by utilizing high-tech equipment to create the illusion of being in space by making use of natural light provided at both sunrise and sunset. The equipment for this experience was not part of the home’s asking price when Murren originally listed it in 2020 but was available for purchase separately; it is unknown if it was included in September’s sale. 

Mr. Murren, who resigned from MGM in February 2020, has stated that he and his wife are planning on remaining in Las Vegas but simply wanted to downsize to a home more suitable for their needs, as apparently Skyspace afforded them more space than was necessary. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Remote work, which came to prominence during COVID-19, has remained a work model that is quite popular amongst many individuals even now that the pandemic is officially over, leading to a nationwide decline in the demand for office space; indeed, many metro areas are still reporting high degrees of vacancy and experts expect a hybrid work model to remain the norm for the foreseeable future. 

However, Las Vegas is one of the few major metropolitan areas in the United States that is bucking this trend, with reports indicating that demand for office space in the city continues to remain strong in direct contrast to most other regions in the country. 

Marc Magliarditi, a first vice president at the commercial real estate firm CBRE, notes that while office vacancy is still slightly off from pre-pandemic numbers, the rates of office occupancy in Las Vegas didn’t come close to experiencing the same negative impact that the pandemic had upon other cities, and that demand has been steadily increasing more and more each day. 

Magliarditi contributes that continued growth to numerous factors that are unique to Vegas, such as several professional sports teams recently taking up residence in Southern Nevada; an increasing population; a robust and ever-growing economy; and its greater number of suburban residents when compared to other cities 

We’ve been fortunate here in Las Vegas,” he said. “That demand has been pretty steady, and I would even say strong, post-pandemic.” 

Las Vegas’ business-friendly taxes has also been a draw in terms of filling office space, with numerous companies relocating from California and other parts of the country to do business in the Valley, and the one thing that these companies all have in common – in addition to wanting to save money, that is – is that they all need commercial space to reside in. 

In addition, these companies are investing in new and improved office space in an effort to entice and retain new employees in a post-pandemic work market, currently making Las Vegas office space some of the most sought-after real estate in the country. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The real estate sales figures for Las Vegas in the month of September are in, and the median sales price of an existing single-family home in Southern Nevada was $450,000, which is the exact same price it was one year ago in September of 2022. 

The coincidences don’t stop there; the median sales price for condominiums and townhouses in Las Vegas was $270,000 in September, which is once again the same exact price year-over-year. 

These prices were reported by Las Vegas Realtors, and according to the group’s president, Lee Barrett, it’s an example of a degree of stability in the current local housing market that he envisions continuing for the foreseeable future. 

We should probably get used to the current housing market since it’s not likely to change much anytime soon,” he said in a statement. 

Bartlett noted that since March 2022, the Federal Reserve has increased interest rates 11 times in an effort to curb skyrocketing inflation; however, those rate increases have not had much effect upon the Las Vegas real estate market, he said. 

Hopefully, some of our national experts are right in predicting that interest rates could begin to come down a bit sometime next year,” Bartlett said. “Even at current rates and with our very tight housing supply, owning a home here in Southern Nevada is a better deal than renting for most people, especially when you consider that homeownership is still one of the best ways to build wealth and financial stability over time.” 

Las Vegas Realtors reports that available housing options are not remaining on the open Las Vegas market for any significant amount of time, with 85.7 percent of homes and 86.3 percent of condos and townhouses that were sold in September only having been available on the open market for a period of time spanning 60 days or less. 

At the end of September, there were 4,066 homes available on the market without any offers, which represents a 49.9 percent decrease year-over-year; as for condos and townhouses, 1,035 were available at the end of the month without offers. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to a new report released by online real estate brokerage Redfin, somewhere in the neighborhood of 5,000 people relocated from Los Angeles to Las Vegas during the month of August, showing that Southern Nevada is still a very desirable place for people to move to, especially from states with a very high cost of living such as California. 

This impressive number of transplants nonetheless represents a decrease year-over-year; in August 2022, 6,800 people moved to the Las Vegas Valley from Los Angeles. Redfin stated they have gathered this data by utilizing an algorithm that tracks searches made by home buyers in markets outside of their local area, indicating a desire to relocate; this algorithm, according to the company, has a 90 percent success rate in predicting moving behaviors. 

An interesting fact is that while Las Vegas is one of the most popular cities to move to in the country currently – ranked second nationally behind only Sacramento – Los Angeles is actually at the top of the list of cities that people are moving out of.  

Along with Los Angeles, other top cities in the country that people are presently relocating from in large numbers include San Francisco, New York, and Washington D.C., according to the Redfin report; the reasons cited by residents of these cities for leaving include affordability issues, high taxes, crime rates, and the ability to work many jobs remotely becoming more and more commonplace. 

Relocations are holding up better than in-metro moves largely because homebuyers are searching for affordability, and remote work gives many Americans the freedom to move,” the report states. “Nine of the 10 most popular migration destinations have a lower median home-sale price than the most common origin of homebuyers moving in.” 

Currently, according to the UNLV Center for Business and Economic Research, the population of Las Vegas is swelling by approximately 115 residents on a daily basis. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.